The rand lost ground on Friday morning, a day after racing to its highest level since mid-November, highlighting the skittish sentiment that characterised this week’s trading as investors second guessed the extent of potential increases in interest rates by US Federal Reserve.
The Fed, which meets next week Tuesday and Wednesday to decide policy, is under pressure to fight off inflation, which is its highest since 1982. The rand would have also benefited from this week’s surge in commodity prices, particularly platinum group metals, after China’s central bank lowered mortgage lending benchmark rates to boost the property market.
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